BUSINESS YEAR 2005 RESULTSBUSINESS YEAR 2005 RESULTSBUSINESS YEAR 2005 RESULTS

OFFICIAL NICKEL PRICE AND INVENTORY LEVEL IN THE L.M.E. (1990 – 2005)

Monthly average values. (USD/Mt. Ni.) Thousand Mt.

0

1.000

2.000

3.000

4.000

5.000

6.000

7.000

8.000

9.000

10.000

11.000

12.000

13.000

14.000

15.000

16.000

17.000

18.000

19.000

0

10

20

30

40

50

60

70

80

90

100

110

120

130

140

150

160

170

180

19019,000

18,000

17,000

16,000

15,000

14,000

13,000

12,000

11,000

10,000

9,000

8,000

7,000

6,000

5,000

4,000

3,000

2,000

1,000

0

Average 1990–2005: 8,062 USD/Tm. Ni

90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05

11.500

12.000

12.500

13.000

13.500

14.000

14.500

15.000

15.500

16.000

16.500

17.000

17.500

18.000

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

OFFICIAL NICKEL PRICE IN L.M.E.

Daily values. (USD/Mt. Ni.)

18,000

17,500

17,000

16,500

16,000

15,500

15,000

14,500

14,000

13,500

13,000

12,500

12,000

11,500

0

2

4

6

8

10

12

14

16

18

20

22

24

26

28

30

32

34

1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005

Transactions

Production

Consumption

19 Million Mt

1.29 Million Mt

1.26 Million Mt

Million Mt

NICKEL: L.M.E. TRANSACTIONS COMPARED WITH

PRODUCTION AND CONSUMPTION WORLDWIDE

USA

GERMANY

HONG KONG

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 20051.000

1.250

1.500

1.750

2.000

2.250

2.500

2.750

3.000

3.250

3.500

3.750

STAINLESS STEEL COLD ROLLED SHEET PRICES AISI. 304 2.0 mm (1995 – 2005)

SOURCE: Metal BulletinResearch “Stainless SteelMonthly”

USD/Mt, final price, alloy surcharge included

3,750

3,500

3,250

3,000

2,750

2,500

2,250

2,000

1,750

1,500

1,250

1,000

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005

STAINLESS STEEL COLD ROLLED SHEET PRICES AISI. 304 2.0 mm (1995 – 2005)

0000

500500500500

1.0001.0001.0001.000

1.5001.5001.5001.500

2.0002.0002.0002.000

2.5002.5002.5002.500

Base Price Alloy Surcharge

€/Mt GERMAN MARKET

2,500

2,000

1,500

1,000

500

0

SOURCE: MBR

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005

STAINLESS STEEL COLD ROLLED SHEET PRICES AISI. 304 2.0 mm (1995 – 2005)

0000

500500500500

1.0001.0001.0001.000

1.5001.5001.5001.500

2.0002.0002.0002.000

2.5002.5002.5002.500

3.0003.0003.0003.000

3.5003.5003.5003.500

Base Price Alloy Surcharge

USD/Mt NORTH AMERICAN MARKET

3,500

3,000

2,500

2,000

1,500

1,000

500

0

SOURCE: MBR

909,101 767,624 564,877 2,241,602 -3.8%

780,070 708,962 523,378 2,012,410 -2.9%

609,999 537,429 322,550 1,469,978 +7.6%

PRODUCTION OF ACERINOX GROUP. YEAR 2005

Metric Tonnes

129,727 67,059 196,786 +4.6%

ACERINOX NAS COLUMBUS TOTAL FLAT PRODUCTSVariationover 2004

ROLDANLONG PRODUCTS NAS TOTAL Variationover 2004

MELTING SHOP

HOT ROLLING SHOP

COLD ROLLING SHOP

HOT ROLLING SHOP

EVOLUTION OF NET SALES OF ACERINOX GROUP

Millones Millones Millones Millones de Eurosde Eurosde Eurosde EurosMillion Million €€

4,214

1,7791,6031,590

911

380

0

500

1.000

1.500

2.000

2.500

3.000

3.500

4.000

4.500

96 97 98 99 00 01 02 03 04 05

Consolidated Group

Trading companies

ACERINOX S.A.

N.A.S.

COLUMBUS

ROLDAN + INOXFIL

4,500

4,000

3,500

3,000

2,500

2,000

1,500

1,000

500

0

GEOGRAPHICAL DISTRIBUTION OF ACERINOX GROUP NET SALES

YEAR 2005YEAR 2005

Europe Europe

43.2%43.2%

AmericasAmericas

35.4%35.4%AsiaAsia

16.1%16.1%

AfricaAfrica

4.9%4.9%

OceaniaOceania

0.4%0.4%

YEAR 2004YEAR 2004

Europe Europe

42%42%

AmericasAmericas

38.5%38.5%AsiaAsia

14.3%14.3%

AfricaAfrica

4%4%

OceaniaOceania

1.2%1.2%

ACERINOX, S.A. : FACTORY OF CAMPO DE

GIBRALTAR

ACERINOX, S.A.ACERINOX, S.A.ACERINOX, S.A.ACERINOX, S.A.

2005200520052005 2004200420042004% over % over % over % over

2004200420042004

NET SALES 1,603.3 1,724.3 -7.0

RESULTS BEFORE TAXES 80.9 148.8 -45.6

DEPRECIATION 29.2 45.8 -36.3

RESULT AFTER TAXES 71.5 103.2 -30.7

NET CASH FLOW 100.7 149.0 -32.4

Million €

31st DECEMBER 2005 RESULTS

NORTH AMERICAN STAINLESS : FACTORY OF KENTUCKY (U.S.A.)

EVOLUTION OF PRODUCTIONS IN N.A.S.

Thousand Mt.

768

709

537

0

100

200

300

400

500

600

700

800

900

2001 2002 2003 2004 2005

Melting Shop

Hot Rolling Shop (flat products)

Cold Rolling Shop

768

709

537

NASNASNASNAS

2005200520052005 2004200420042004% over % over % over % over

2004200420042004

NET SALES 1,981.3 1,708.0 +16.0

RESULT BEFORETAXES 212.0 267.2 -20.7

DEPRECIATION 64.5 54.5 +18.4

RESULT AFTER TAXES 133.6 168.3 -20.7

NET CASH FLOW 198.1 222.8 -11.1

31st DECEMBER 2005 RESULTS

Million USD

NAS COMMERCIAL NETWORK EXPANSION

ATLANTA (GEORGIA)

AGUA MANSA (CALIFORNIA)MINOOKA (ILLINOIS)

TORONTO (CANADA)

COLUMBUS STAINLESS : FACTORY OF

MIDDELBURG (South Africa)

-10%

0%

10%

20%

30%

40%

50%

60%

EVOLUTION OF THE SOUTH AFRICAN RAND VS USD AND EURO (Years 2002 – 2005)

Source: Central Bank

2002 2003 2004 2005

Percentage data

28-Dec-2001 31-Dec-2002 31-Dec-2003 31-Dec-2004 30-Dec-2005

Exchange rate ZAR / USD : 11.835 8.591 6.594 5.645 6.327

Exchange rate ZAR / EUR : 10.430 9.009 8.328 7.690 7.464

ZAR/EURO ZAR/USD

+ 27.4 %

+ 13.6 %

+ 23.2 %

+ 14.4 %

+ 7.7 %

+ 7.6 %

- 12.1 %

+ 2.9 %

+46.5

+28.4

COLUMBUSCOLUMBUSCOLUMBUSCOLUMBUS

2005200520052005 2004200420042004% over % over % over % over

2004200420042004

NET SALES 911.2 1,061.0 -14.1

RESULT BEFORE TAXES -17.8 72.4 ----

DEPRECIATION 28.7 21.7 +32.4

RESULT AFTER TAXES -11.7 51.7 ----

NET CASH FLOW 17.0 73.4 -76.8

Million €

31st DECEMBER 2005 RESULTS

EVOLUTION OF COLUMBUS RESULT AFTER TAXES

22.7

-15.4 -11.7

51.7

-20

0

20

40

60

02 03 04 05

Million €

ROLDAN, S.A. : FACTORY OF PONFERRADA

2005200520052005 2004200420042004% over % over % over % over

2004200420042004

NET SALES 321.7 302.2 +6.5

RESULT BEFORE TAXES 10.8 20.6 -47.7

DEPRECIATION 6.2 8.3 -25.0

RESULT AFTER TAXES 7.0 13.5 -47.9

NET CASH FLOW 13.3 21.8 -39.1

ROLDAN, S.A.ROLDAN, S.A.ROLDAN, S.A.ROLDAN, S.A.

31st DECEMBER 2005 RESULTS

Million €

EVOLUTION OF THE CONSOLIDATED GROUP (E.B.I.T.D.A.)

511.6

209.4

164.2

238.8

158.3

232.7

407.7

638.7

310.6

415.4

0

100

200

300

400

500

600

700

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005

(IAS)

Million € (% over sales)

14.617.7

12.916.7

26.2

11.5

16.3

10.7

15.8

9.9

31st DECEMBER 2005 RESULTS

CONSOLIDATED GROUP 2005

Thousand Euros IAS Spanish GAAP IAS Spanish GAAP IAS

Net Sales 4,213,559 4,041,044 4,035,769 +4.3% +4.4%

Gross Operating Result (EBITDA) 415,418 638,749 633,386 -35.0% -34.4%

Net Operating Result (EBIT) 257,928 501,705 503,370 -48.6% -48.8%

Result Before Taxes and Minorities 228,214 490,226 496,510 -53.4% -54.0%

Depreciation 111,774 135,144 129,212 -17.3% -13.5%

Gross Cash Flow 339,989 625,370 625,722 -45.6% -45.7%

Result After Taxes and Minorities 154,468 302,913 313,360 -49.0% -50.7%

Net Cash Flow 266,242 438,057 442,572 -39.2% -39.8%

2004 Variation

Million Million EurosEuros

PROVISION TO ADJUST THE INVENTORIES VALUE

TO THE NET REALIZABLE VALUE

Net Operating Result (EBIT)

Result Before Taxes and Minorities

257.9

228.2

299.5

269.8

CONSOLIDATED GROUP

PublishedDecember, 31st 2005

Hypothesis without provision

41.6

41.6

Difference

CONTRIBUTION TO THE RESULT AFTER TAXES AND MINORITIES (%)

YEAR 2005

-6.4

-4.9

6.6

35.9

-0.4

69.3

-10 0 10 20 30 40 50 60 70

Overseas Trading

Companies

Columbus

Domestic Trading

Companies

Roldan e Inoxfil

Acerinox

NAS

FIVE YEARS EVOLUTION OF THE ACERINOX SHARE AND THE INDEX IBEX-35

-60

-45

-30

-15

0

15

30

45

60

75

%

+51.3%

+17.8%

29-12-00 : ACX= 8.12 IBEX 35= 9,109.8

30-12-05 : ACX= 12.29 IBEX 35= 10,733.9

2001 2002 2003 2004 2005

Percentage Data

ACERINOX IBEX 35

0,00

0,05

0,10

0,15

0,20

0,25

0,30

0,35

0,40

96 97 98 99 00 01 02 03 04 05

RETURN TO SHAREHOLDERS

0.34

0.2850.270.27

0.225

0.195

0.18

0.15

0.285

0.12 0.12 0.12

0.225

0.27

0.1950.21 0.21

0.260.03 0.03

0.030.075

0.0750.075 0.075

0.08

0.34

0.26

0.08Reduction of

Share Capital

Issue Premium

Refund

Dividend

0.40

0.35

0.30

0.25

0.20

0.15

0.10

0.05

0.00

€ / share

0

500

1.000

1.500

2.000

2.500

3.000

3.500

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005

MARKET CAPITALIZATION OF ACERINOX, S.A.

1996 - 2005

Million €

CompoundCompound AnnualAnnual GrowthGrowth : 10.3%: 10.3%

3,500

3,000

2,500

2,000

1,500

1,000

500

0

REASONS FOR THE MEDIUM TERM OPTIMISM

- The stainless steel consumption will return to grow at the

historical rate of 6% (last 55 years), when raw materials prices

decrease to reasonable levels.

- Less competitive factories and facilities will continue been closed

- Some announced projects of capacity increase will be cancelled

or delay.

- Consumption per capita in countries such as China, India and

other countries with big population, will grow with very high rates.

- Normal prices of raw materials will allow to develop new

applications and to resume the substitution process of other

alternatives materials